The vast majority of Bitcoin mining occurred in China.
This is according to IP addresses from so-called hashers that used certain Bitcoin mining pools in 2020. The mining rate in 2021 is likely to be much different.
Hashing refers to the amount of processing power that PCs use to build the blockchain: the more blocks of verified transactions that are processed or “hashed”, the more Bitcoin – the reward for this verification process – is being mined. Simply put, the higher the hashrate – or the hash power of the overall network – the more secure it is. These figures attempt to show where most of this hashing – and, consequently, Bitcoin mining – occurs.
The best mining rigs are built in China and so the Chinman gets a discount on them.
China could potentially launch a 51% attack which could lead to global panic and irrationality.
These figures are different from numbers showing interest in Bitcoin and which global countries traded this cryptocurrency the most.
Here, over 65 percent of the monthly hashrate in April 2020 was found in one of three provinces in China. This means China plays an important role in the mining of the digital coin. By comparison, both the United States and Russia had a market share in Bitcoin mining of around seven percent. Whether either of these two countries profited from growing Bitcoin mining revenue in 2021, is not clear.
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